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Fintech significant for financial inclusion in the Philippines

Pic Credit : The Philippine Star

Various presenters at the Seamless Philippines 2018 event talked about how e-wallets, blockchain, and other innovations in finance technology (Fintech) will continue to grow in significance as well as become key drivers in pushing forward financial inclusion in the Philippines.

According to a recent report, over 3,800 entrepreneurs, business executives and professionals gathered for a discussion on digital payments, e-commerce, retail and identity.

By challenging assumptions, reimagining processes and providing enabling tools, Fintech is able to make space for new products and solutions that can connect the unbanked and unserved markets, especially in developing countries like the Philippines, to important government, financial and social services.

According to the 2017 Financial Inclusion Survey (FIS) of the Bangko Sentral ng Pilipinas (BSP), the number of Filipino adults who own an account is estimated at 15.8 million or around 25% of the total adult population.

Ownership of an account that can be used to save money, receive salary, send or receive remittance and pay bills is a basic indicator of financial inclusion.

The organisers have brought in industry disruptors and leaders, featuring 165 speakers in seven theatres, to deliver highly focused presentations and case studies.

A company supplying technology and relevant services to Fintech ecosystem players shared that they see a significant shift in the region to cashless and transparent payments initiatives.

Participating in the event has allowed the company to connect with industry professionals and organisations.

It also gave them the opportunity to showcase their suite of products to enlighten the audience about digital banking, Omni channel experiences, contactless payments, e-wallets and other ways to help them future-proof their payment processes.

Another company present at the event, which is an ATM network providing modern electronic financial products and services to the countryside, discussed how the network builds more financially inclusive system by working with bottom-tiered financial institutions.

The company has been fostering financial inclusion in the Philippines for 35 years by giving rural communities access to modern banking services.

The company hopes that by sharing their key insights and experiences at the event, they will be able to empower more institutions in transforming lives of families in remote towns and provinces through Fintech innovations.

This is important so that no one gets left behind.

A ride-hailing platform announced the local launch of its mobile wallet solution for bills payment and purchases outside the company’s transport services.

The Philippines is the fourth Southeast Asian market introducing the GrabPay innovation.

Government speakers also attended the event to touch on various digital innovations facilitating the improvement of various public services.

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